CATCo commutes Costa Concordia reinsurance losses

Artemis.bm (blog)
CATCo Investment Management, the specialist Bermuda based reinsurance-linked investment business that manages around $2 billion of retrocessional reinsurance portfolios for its clients, has commuted a portion of its losses from the Costa Concordia marine disaster according to a stock exchange announcement. Commuting the losses early allows them to be accounted for now and reduces the chance for loss creep affecting the CATCo Reinsurance Opportunities Fund investors.
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Lauderdale judge dismisses Concordia lawsuit

Sun-Sentinel
A Fort Lauderdale judge has dismissed a lawsuit filed by several Italian businesses against Carnival Corp. and its subsidiary Costa Cruises seeking damages for financial losses suffered due to the Costa Concordiacapsizing. Earlier this week, District Judge Robin Rosenbaum, citing a Forum Non Conveniens doctrine, approved Carnival’s motion to dismiss the class action suit.

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Costa Concordia had faulty design, lawsuit alleges

Sun-Sentinel
Another lawsuit has been filed in the aftermath of the Costa Concordia tragedy, this time against Carnival Corp. & PLC, owner of the ill-fated cruise ship that capsized this year, killing 32. The latest suit alleges that design faults on the Concordia hampered its evacuation, making it slow and problematic, according to a CBS report. The suit, filed in a California court by Mississippi lawyer John Arthur Eaves, is seeking a minimum of $10 million for two unidentified plaintiffs, plus punitive damages.

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Pompano firm to begin Concordia salvage within days

Sun-Sentinel
By Arlene Satchell, Sun Sentinel Work to recover the stranded  Costa Concordia cruise ship is set to begin in days, a little more than four months after it capsized off the coast of Italy, killing 32, the ship’s operators announced Friday. Leading the project will be Pompano Beach-based Titan Salvage, who along with Italian partner Micoperi, was awarded the contract last month to refloat and remove the crippled 114,500-ton ship

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Carnival Stepped Up Lobbying After Costa Concordia Disaster

After the Costa Concordia wrecked off the Tuscany coast in January, killing 32 people, lobby spending by its corporate parent soared. Carnival’s lobby bill in Washington last quarter totaled $522,000 – three times the amount spent the prior quarter. In its lobby reports to Congress, the company listed three areas of concern: unearned passenger revenue (advance payments for voyages), emission control and cruise ship safety.
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